Vancouver West

June house sales across Greater Vancouver were the lowest since 2000 because for the first time in two years, the benchmark cost for all households in the region fell below $1 million.

The Greater Vancouver Real Estate Board (REBGV) claims 2,077 homes sold in June, down 14.4 percent year-on-year and down 21.3 percent from this year’s May.

According to the board, sales were also 34.7 percent below the June 10-year average and the 19-year lowest for the month.

The pace of new market listings has slackened, with a 10% fall in new homes added to the market since June 2018, the REBGV said.

However, inventory continued to stack up, with just under 15,000 homes listed for sale — up 25.3 per cent from the same month last year and up a modest 1.9 per cent from May 2019, it said.

As sales continue to soften so, too, do prices.

The benchmark price for all home types was $998,700 in June, the lowest it has been since May 2017, the REBGV said.

For detached homes across the region, the benchmark price was $1,423,500, down 10.9 per cent year over year and 9.2 per cent over three years but up 0.1 per cent from May.

For apartments, the benchmark price was $654,700 in June, down 8.9 per cent year over year and 1.4 per cent from May.

Drilling deeper into numbers shows some wilder swings in pricing.

The benchmark price for a detached home in West Vancouver was down 12.9 per cent from last June. It was also down 13.1 per cent in Richmond, 14 per cent on Vancouver’s west side and 12.6 per cent in South Burnaby.

Condo prices, which have better resisted the cool-down, also saw significant movement in some sub-regions.

The benchmark price of a condo was below $500,000 in Ladner, Maple Ridge, Pitt Meadows, Port Coquitlam and Tsawwassen and under $600,000 in East Vancouver, Coquitlam, New Westminster and North Vancouver.

The REBGV said the sluggish market means buyers are seeing the most choice in five years but that sellers continue to hold on, hoping for “yesterday’s value for their homes.”

With Greater Vancouver real estate prices among the highest in Canada,homebuyers are increasingly looking for value beyond just bricks and mortar, and quality of life is emerging as a key factor in finding the right neighbourhood.

The quality of life develops as a main factor in picking the right neighborhood as homebuyers seek value beyond bricks and mortar.

So, what provides an advantage to a neighborhood in attracting fresh inhabitants??

According to a RE/MAX 2019 Best Places to Live Liveability Report, six in 10 Canadians put easy access to shopping, dining and green spaces at the top of their liveability criteria. Proximity to public transit, work, preferred schools, and cultural and community centres were also listed as important because Canadians spend more than two-thirds of their time in their own neighbourhood, with the rate being even higher among baby boomers compared to Gen Z, millennials and Gen Xers.

RE / MAX brokers in Vancouver listed Main, the West End and Kerrisdale among the top three neighborhoods for access to green areas and parks, walkability, retail and restaurants, and ease of moving / public transportation with Main standing out as the “hidden gem.”

Mount Pleasant, Downtown-Vancouver West and Renfrew-Collingwood are the top three neighborhoods for affordability and excellent housing stock.

Christopher Alexander, executive vice-president, RE/MAX of Ontario-Atlantic Canada says when buyers are looking for a home, the search begins at the neighbourhood level.

In terms of cost, some Greater Vancouver neighborhoods have turned significantly in favor of buyers, according to a fourth-quarter 2018 survey of the Zolo real estate website, whose list of top 10 neighborhoods to purchase a single-family home included Marpole in Vancouver West, Saunders and Lackner in Richmond, West Cambie and Steveston North, Hastings East and Collingwood in Vancouver East, Queen.

The data relating to real estate on this web site comes in part from the MLS® Reciprocity program of the Real Estate Board of Greater Vancouver or the Fraser Valley Real Estate Board. Real estate listings held by participating real estate firms are marked with the MLS® Reciprocity logo and detailed information about the listing includes the name of the listing agent. This representation is based in whole or part on data generated by the Real Estate Board of Greater Vancouver or the Fraser Valley Real Estate Board which assumes no responsibility for its accuracy. The materials contained on this page may not be reproduced without the express written consent of the Real Estate Board of Greater Vancouver or the Fraser Valley Real Estate Board. Listing data last updated 2019-09-15T06:17:03Z.